But then in mid to late June, along came the POR (Pelosi-Obama-Reid) economy. The Democratic triumvirate�s intent to starve the nation of energy, regardless of the consequences, and newly minted presidential nominee Barack Obama�s designs on punitively taxing 5% of the nation�s most productive in the name of redistributing money to everyone else, both became crystal clear. As a result, paraphrasing what I wrote at the time, businesses, investors, and entrepreneurs responded to the trio�s total lack of seriousness by battening down the hatches and preparing for the worst.
Yes, lower tax receipts might be a result of the economy but they are just as much psychological. No one knows what to expect from this administration. Why invest and risk growing a buisiness if much of it might be taxed or regulated away?